ITV has announced its chief executive Adam Crozier is stepping down after seven years in post.

The group said it has a “well developed succession plan in place and a longer term successor to Adam will be announced in due course”.

Group finance director Ian Griffiths will now take on a newly created combined role of chief operating officer and group finance director and chairman Sir Peter Bazalgette will take on the rose of executive chairman until a new chief executive is appointed.

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Crozier will leave the group on June 30 and ITV said he will be “paid in line with his contract and in recognition of his tremendous contribution to the success of ITV”.

The Scottish businessman was a former joint chief executive of advertising agency Saatchi and Saatchi, leaving in 1999 to take on the role of chief executive of The Football Association, then to Royal Mail as its chief executive in 2003 before joining ITV as chief executive in 2010.

Crozier said: “It's been an absolute privilege to lead the transformation of ITV over the past seven years and I know that I will miss this great business and the people who work here.

“However, having spent 21 years as a chief executive across four very different industries, I now feel that the time is right for me to move to the next stage of my career and to build a portfolio of roles across the PLC and private sectors.

“I'm incredibly proud of what we've achieved in turning ITV into one of the most successful and dynamic media and content businesses in the world.

“All the credit for that achievement goes to the fantastic teams of people working right across ITV.

“I hugely appreciate all the help and support they have given me and I am very happy to have played my part.

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“Going forward, our strategy remains the right one for ITV and I leave behind a strong and talented management team who I know will continue to execute it with energy and confidence

“Today ITV is more robust, well balanced and stronger both creatively and financially than ever before, and is well placed for the digital future. I wish the company every continued success.”

ITV chairman Sir Peter Bazalgette said: “Adam has been talking to me and the Board for some time now about his future plans.

“He has made a fantastic contribution to ITV and the Board is deeply indebted to him for his strong leadership and personal dedication in very successfully turning around the business and building a more global and diversified organisation with real scale in key creative markets around the world.

“Under Adam, external revenues have grown by over a billion pounds, non-NAR revenues have more than doubled to almost £1.9 billion, EBITA has grown by 338 per cent and adjusted earnings per share have grown by 844 per cent.”

Sir Peter added: "He has also built a very strong management team and a clear strategy that this team will remain focussed on delivering.

“Coupled with our robust balance sheet and strong underlying cash flows Adam has created a real legacy that will allow ITV to continue to invest and also deliver sustainable returns to shareholders.

“ITV and the Board wish Adam all the best for the future as he looks to the next stage of his career.”